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the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction. instead the congressional budget office calculated today that extending the bush era tax cuts for 99% of americans would add $4 trillion to the deficit over the next decade. the senate measure delays mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes and too light on spending cuts. ohio's steve la tourette dismissed it as a, quote, package put together by a bunch of sleep-deprived october octogenenarians on new year's eve and the alabama representative said the house needs more time. >> the house must postpone this vote until congress and the american people have time to study and evaluate this extraordinarily complex legislation and its impact on taxes, revenue, the economy our debt and a myriad of other issues. >> woodruff: tennessee democrat steve cohen warned about the consequences of not taking the senate deal. >> my district can't afford to
the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction. instead the congressional budget office calculated today that extending the bush era tax cuts for 99% of americans would add $4 trillion to the deficit over the next decade. the senate measure delays mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes...
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they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a second meeting of the day. what do you anticipate will happen tonight? >> you know, i said earlier today, predicting what this group of republican and the house members will do is it certainly a challenge. i know that if -- from working with them as many years as i have, i know there are enough responsible republicans that there would be enough democrats and republicans that would pass that bill and send it to the president so we can prevent 98% of americans from having their tacks increased and we could get a handle on the deficit reduction problem. >> you think there's a d
they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a...
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budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six months that's not the. economic problems and indeed ireland is one of the most problematic as you say of the troubled states and has not got enough to deal with without holding the e.u. presidency as well at this stage. well yes it does have a great deal of challenges in the you of course the budget situation in europe in the european union isn't sorted out yet the whole situation regarding britain's membership is coming to the fore britain of course maybe will be having a referendum at some point on britain's terms of membership all these issues need to be discussed and agreed in the forthcoming year an
budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six...
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deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to encounter opposition. one camp earlier said, "it's three strikes in my book and i will be voting no on this bill." the legislation would impose a hardship and fall short on addressing the need in spending. president obama praised the agreements. coats to place on the other side of the capital on issues other than the so-called fiscal cliff. -- votes took place on the other side of the capital. extra cash for the fight against al qaeda and the fight against foreign governments trying to spy on the united states. mike rogers said the bill holds personnel levels at
deficit reduction seems like a fair way to approach that. there are millions more people than available jobs. host: george zornick, thank you. late night for you. guest: i spent more time on new year's eve that i would have cared to. host: thank you for getting up early. next up, the conservative perspective from charles hurt. first a news update. >> john boehner is not endorsing the agreement on the so-called fiscal cliff. he has promised to vote on it right away. he is expected to...
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debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep raising the debt limit to allow that kind of mechanism to continue so even though we can print our own currency which reduces the risk of a credit default, if congress refuses to raise the debt limit that could force default and increase problems for us. >> your book is called "bull by the horns" and do you think this is our government taking the bull by the horns this deal? >> no. i wish i could say it really is kicking the can down the road when it. they did make some decisions, permanent inflation indexing of the amt which is good, that's been going on for a long time. we've got permanent extens
debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep...
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debt and we'll just wait till next year and they thought it would go up quite a bit further but the deficit ran up so much faster than anticipated well take care of it tomorrow and that's all the politicians in the u.s. or anywhere to they're not proactive they're not problem solvers they don't care about you and all they care about is their own little power and you know let the rest of the world be damned you are rich american doesn't understand why his country by the world economy is going down the drain all they know is class warfare which is what the administration wants that the banks are getting rich and they're getting poorer they don't understand why any of this is happening so for the average american they're going to pay some more taxes but the average american is in fear of losing his job and losing everything that he's worked this whole life for and he doesn't have a clue why. economic experts. also gave his full cost on how the financial winds will blow in twenty eight thirty the fiscal cliff just more theater. for manipulating the system. trying the economy. grow more theater
debt and we'll just wait till next year and they thought it would go up quite a bit further but the deficit ran up so much faster than anticipated well take care of it tomorrow and that's all the politicians in the u.s. or anywhere to they're not proactive they're not problem solvers they don't care about you and all they care about is their own little power and you know let the rest of the world be damned you are rich american doesn't understand why his country by the world economy is going...
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. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represent republicans are ch they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tl ball. >> glad to hear that. >> it will take a lot.the sensr and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnt get a lot of democratic votes to pass wha whatever the central gs tomorrow. if it doesn't come together tomorrow it will come together soon. >> susie: we are listening forwe listening to this drama. how
. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and...
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. >> now if republicans think that i will finish the job of deficit reduction through spending cuts alone, if they think that's gos to be the formula for how we solve this thing, then they've got another thing coming. that's not how it going to work. >> reporter: for his part senator mcconnell said that issue should not tan in the way of a tax deal. >> let's be clear, we'll continue to work on finding smarter ways to cut spending. but let's not let that hold up protecting americans from the tax hike that will take place in about ten hours. >> reporter: but other senate republicans brideeled at doing any deal now without substantial spending reductions. >> i just want to say i'm very disappointed with what the president had to say. i'm one senator. i just want to go on record, that is it's absolutely unacceptable to pay for this sequester with revenue. >> reporter: meantime there was growing grumbling in senate democratic ranks that vice presidentiden had given too much ground. >> as i see this thing developing, quite frankly, as i've said before, no deal is better than a bad deal. and thi
. >> now if republicans think that i will finish the job of deficit reduction through spending cuts alone, if they think that's gos to be the formula for how we solve this thing, then they've got another thing coming. that's not how it going to work. >> reporter: for his part senator mcconnell said that issue should not tan in the way of a tax deal. >> let's be clear, we'll continue to work on finding smarter ways to cut spending. but let's not let that hold up protecting...
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we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want to lock that in. i think it's time for them to start paying their fair share, and they did under the clinton tax provisions that we had in place at that time. so to go back to the tax provisions that we had under bill clinton doesn't frighten me one bit. but now we hear the same song and dance from the republicans. if we do that, the sky's going to fall. the world will end tomorrow. the markets will just go all to heck. we heard that in 1993, and it was wrong. we're hearing it again today about what will happen if we go back to
we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want...
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. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represents republicans are close enough they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tofix the cracks in my crystal ball. >> glad to hear that. >> it will take a a lot.the sens 23,459 senate is coming together and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnancy pelosi may have to gleet get a lot of democratic votes to pass what whatever
. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good...
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this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well, say that in reenacts the bush cuts for everybody up to $450,000. do it as a straight tax reduction. those who resisted it a week ago tax hike on the rich can argue it's not a hike, the hike already happened. but that is the only way to pre-empt obama extending all of this and making the republicans, fall guys for a hike in middle class taxes. >> bret: we're assuming it is past the senate. you have senators who have all expressed major concerns. >> you just know three most liberal senators, it's absurd, it should be million. >> you know anybody can stand up in the senate to caus
this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it will be stopped. on thursday, the new republican house, should pass a bill, stand-alone bill that abolishes -- well,...
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the ability to fund the deficit goes on without much hiccup at all. we're still paying low rates for borrowing. 1.7%. all those predictions were -- >> they were playing ridiculously low rates in greece too. it's a dollar bubble. it's a treasury bond bubble. will it burst in 2013? maybe. it's going to burst eventually. it has to burst. >> peter, it's not a model. it's not a model to say something bad will happen eventually. >> your model about being a pollyanna and having your head in the sand -- >> it's not. >> how did you miss the financial crisis? >> i have no idea what you're talking about, peter. i have no idea what you're talking about. i was one of the first reporters to report on the housing and the mortgage crisis. i'll show you the clips. >> you were one of the guys laughing on me when i was report -- >> like a lot of what you say is ridiculous. >> guys, guys. [ overlapping speakers ] >> time-out. >> something bad will happen eventually, peter. >> time-out guys. i have a question for you peter. you're predicting currency crisis and significan
the ability to fund the deficit goes on without much hiccup at all. we're still paying low rates for borrowing. 1.7%. all those predictions were -- >> they were playing ridiculously low rates in greece too. it's a dollar bubble. it's a treasury bond bubble. will it burst in 2013? maybe. it's going to burst eventually. it has to burst. >> peter, it's not a model. it's not a model to say something bad will happen eventually. >> your model about being a pollyanna and having your...
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i want it to go for deficit reduction. but that's not what we're hearing. >> the sequestration delay that republicans would like to see a 30-day delay. take it to the march deadline for the debt limit. the democrats want to go further out. what would you accept? >> the sequestration was signed into law by the president 18 months ago. it takes effect january 2nd. it was an important part of the last debt limit discussion. there's no way in the world that you can play that forward to the next debt limit discussion. that just doesn't work. the sequestration has to go forward as it is written as the president signed into law. remember all of this, the tax piece, the sequestration and don't forget obama care taxes, all of those were things signed by the president. clearly he wanted this scenario, or he wouldn't have signed those pieces of legislation. >> i would like to push a bit more on bill's previous question about tax hikes. because if i'm not wrong and do correct me if i'm wrong, you have said before that you would not vo
i want it to go for deficit reduction. but that's not what we're hearing. >> the sequestration delay that republicans would like to see a 30-day delay. take it to the march deadline for the debt limit. the democrats want to go further out. what would you accept? >> the sequestration was signed into law by the president 18 months ago. it takes effect january 2nd. it was an important part of the last debt limit discussion. there's no way in the world that you can play that forward to...
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in fact all three of the the money could have gone to pay down the deficit and frankly the deficit is not that big a deal the united states debt as a percentage of g.d.p. is not all that different from most of the developed countries in the world the hysteria that going back in the seventy's a republican strategist juden is key said whenever republicans are in office run up the debt whenever democrats come into office scream about the debt and so that you can force the democrats to cut the social programs and that's what's been going on we've been seeing as the script played out for thirty years but the money could have been used for things like making solid medicare it could have been used for getting the guns off the streets it could've been used for building our schools it could have been used for rebuilding our crumbling roads of a lot of things that could have been used for you right it sounds like so many issues are just going in circles guns campaign finance reform the fiscal cliff where does that stop tom. i think it stops in revolution and i don't mean that in the violence. b
in fact all three of the the money could have gone to pay down the deficit and frankly the deficit is not that big a deal the united states debt as a percentage of g.d.p. is not all that different from most of the developed countries in the world the hysteria that going back in the seventy's a republican strategist juden is key said whenever republicans are in office run up the debt whenever democrats come into office scream about the debt and so that you can force the democrats to cut the...
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let me see something that brings down our deficit. okay. great to see you. happy new year. thank you so much. most of the the seiders, our elected officials are in d.c. on this new year's eve with a heat lamp of the media and constituents on them right now. what will they do? we are joined right now. we kept grabbing people. representative, a democrat from california. thank you so much for joining us . we have less than nine hours to go. tell me, what do you think will happen? >> let's be hopeful. let's be hopeful that we did a good, balanced deal. the ceos of looking for a balanced deals. i think there is one to be had. we have to pick a number where we have adequate revenues, somewhere above 250,000. okay. as a number. then on the cut side, keep in mind that in the budget control act of this year we have already well over a trillion, nearly a trillion 3-$400 billion of cuts already to take place. this sequestration is in addition to that. there are serious cuts coming down. they have to be done wisely, and that is why sequestration is a problem because it is not a wise wa
let me see something that brings down our deficit. okay. great to see you. happy new year. thank you so much. most of the the seiders, our elected officials are in d.c. on this new year's eve with a heat lamp of the media and constituents on them right now. what will they do? we are joined right now. we kept grabbing people. representative, a democrat from california. thank you so much for joining us . we have less than nine hours to go. tell me, what do you think will happen? >> let's be...
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created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you monger's debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around which would be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the cliff which actually describes the mode in which the congress is working their inability to make decisions until the very very last minute the cliff that u.s. lawmakers have artificially created could become very real for the american people the vast majority of them over one thousand government programs would be cut it would hit the unemployed very hard they would stop getting unemployment benefits there would be other automatic cuts and tax hikes that would mostly affect those who are financially insecure but everyone knows even if the lawmakers don't need the january first deadline they can pass measures re
created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you monger's debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around which would be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the...
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we still have deficits that have to be dealt with. we still have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody is talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. and keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start. so there are some programs scheduled to be cut that we're using an ax instead of a scalpel. may not always be the smartest cuts. and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, those a
we still have deficits that have to be dealt with. we still have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody is talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into...
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the tax would go as the deficit went up. if we go down as the deficit went down. i think the imports -- i think they started this problem, and the need to, you know, revitalizes through this. let me give you one example. although sun. a utozone. they used to only sell american- made parts. now it is all chinese. they have taken over by autozone. host: thank you. our listeners can hear more on c-span radio. we just heard from senator mcconnell. he says that they are very close to a deal. the sequestration issue will be dealt with in the coming weeks and months. robert is turning us from canton, ohio. democrats lined. caller: hello. one thing about the social security and stuff, that should be like a savings account. nobody should be able to get for any debt. that should be what we work for for our future. they should have to ask us if they want to use the us -- use that to pay debt. as for the taxes, the need to get their heads together and work together, and if they do not want to work together, we need to vote them out and get someone in there who will work hand-
the tax would go as the deficit went up. if we go down as the deficit went down. i think the imports -- i think they started this problem, and the need to, you know, revitalizes through this. let me give you one example. although sun. a utozone. they used to only sell american- made parts. now it is all chinese. they have taken over by autozone. host: thank you. our listeners can hear more on c-span radio. we just heard from senator mcconnell. he says that they are very close to a deal. the...
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dysfunctional and it does speak with the debt ceiling one or two months forward to a potential for deficits to remain in the trillion dollar category going forward. so as that symptomatic or emblemattic of a type of credit, perhaps not. we would very much watch the fiscal situation as it develops over the next several years and the ability to reduce entitlements, to raise taxes, to bring it into balance. >> and finally, bill, before i let you go, 2012 will certainly be remembered for the statement that you made that the cult of equity is dying and whether it's jack bogul that was on the program who says he disagrees, and you can say he was talking his book as others say you were talking yours, but you get the idea he disagrees with that. many other people on this network flat out disagree with that statement. what would make you change your mind and do you regret making that comment? >> well, first of all, you have to understand, i said that the cult of equity is dying, i didn't say that stocks would out perform bonds as pimico believes that's the case. the cult of dying means investors are
dysfunctional and it does speak with the debt ceiling one or two months forward to a potential for deficits to remain in the trillion dollar category going forward. so as that symptomatic or emblemattic of a type of credit, perhaps not. we would very much watch the fiscal situation as it develops over the next several years and the ability to reduce entitlements, to raise taxes, to bring it into balance. >> and finally, bill, before i let you go, 2012 will certainly be remembered for the...
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i mean, offered to make some significant changes to our entitlement programs in order to reduce the deficit. >> all right. we're just listening to a democrat, tom harkin, criticizing the deal so far. the question -- we're speaking specifically of the concessions, perhaps the $450,000 offer we're aware of coming from vice president biden. are the president and democrats caving too much? tom harkin is expressing that frustration. >> well, i think we're all frustrated about that. i think the american people, 60% to 70% of the american people believe the president was correct in setting the limits at 250 and 200,000 for individuals as the cap on making sure that those taxes didn't go up for those americans making less than that. 70% of americans think that's about right. they voted in the presidential election and re-elected a president who said that was his criteria. but the president understands this is a process where compromise is necessary. the house of representatives, controlled by the republicans, clearly has indicated that a million dollars was not acceptable to it in the united states
i mean, offered to make some significant changes to our entitlement programs in order to reduce the deficit. >> all right. we're just listening to a democrat, tom harkin, criticizing the deal so far. the question -- we're speaking specifically of the concessions, perhaps the $450,000 offer we're aware of coming from vice president biden. are the president and democrats caving too much? tom harkin is expressing that frustration. >> well, i think we're all frustrated about that. i...
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republicans would like to see more deficit reduction. so, they're saying if there are new taxes, spend it down on the deficit, don't use it for spending. chris? >> now, kelly, one other quick question. you've been up there probably for the last 96 hours, maybe more straight. what's the mood? i know we've got this report that mcconnell and joe biden worked late into the evening and that there seems to be a little bit more positivity than maybe when people like me went to bed last night, a little early. so, is the mood moving in the direction of a deal? is that what -- because it seemed like pessimism sort of toward the late afternoon yesterday. where are we right now, quickly? >> reporter: it does fluctuate. there is exasperation and frustration, especially from members here waiting to vote on something but have nothing to look at. they are wanting to see something done. the people closest to it tell us they are still working at it, that they see there isn't one particular issue that would make this all fall apart, but they're not there y
republicans would like to see more deficit reduction. so, they're saying if there are new taxes, spend it down on the deficit, don't use it for spending. chris? >> now, kelly, one other quick question. you've been up there probably for the last 96 hours, maybe more straight. what's the mood? i know we've got this report that mcconnell and joe biden worked late into the evening and that there seems to be a little bit more positivity than maybe when people like me went to bed last night, a...
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smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost time for us to do a big whoopee, because maybe we are close to a deal. but after listening to that spot, i think i'm going to modify whoopee to maybe whoop-pea. because i think we went from smashing pumpkins to potentially smashing a pea. and maybe even the pea is going to be a little bit too big. so we went from gallagher -- there we go. there's our debt smashing for the end of the year. okay? it's basically a pea. and maybe we don't even get that. because most likely, what we are dealing with here, unlike with gallagher and the watermelons and big hammer, is pretty much about a tax deal. okay? we've done all of th
smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost...
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they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about governing this country. >> and welcome to fantasy island. joining us now from washington, we have republican representative from oklahoma, congressman tom cole. congressman, thank you very much for coming back on the show this morning. >> thank you, mika. >> we also have ed rendell still with us, san deanor, dr. hensac in washington as well as michael steele in washington. so we have a great panel to talk to you, congressman, this morning. you were the guy willing to cut a deal, i think at that $250,000 limit. i don't know how ostracized you got from your party on
they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about...
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it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a problem making a deal because spending has been our problem. but if they go towards deficit reduction, which ultimately will be debt relief, that will be a good thing, and we probably will have a deal. >> senator, let's talk about the process very quickly. we are told the senate will come back into session at 11:00 this morning. that somehow reflects on the fact that seems to be a late start to the working day, but there's work being done right now. tell me what that work is. >> you know, any time you're putting a deal together, it's always the details
it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a...
WHUT (Howard University Television)
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. >> they said the biggest party is making sure we deal with the deficit and a serious way. the way they're beating is their only priority is making sure that tax breaks for the wealthiest americans are protected. that seems to be their only overriding unifying theme. >> the republican party argues it is ready to deal. it is the president and democrats were not. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest, frankly, their courage to close the deal. i want everyone to know i am willing to get this done. but i need a dance partner. >> if republicans and democrats don't join the dance soon, america will enter the new year and a state of heightened political and economic uncertainty. congress can choose to put a stop to this as soon as it likes. the news americans are wondering when it will do so. >> how is the market responding? is it turmoil around the world? >> the answer is, not well. we have declineds in germany, london. these declines are not massive. the reason for that, this has been wel
. >> they said the biggest party is making sure we deal with the deficit and a serious way. the way they're beating is their only priority is making sure that tax breaks for the wealthiest americans are protected. that seems to be their only overriding unifying theme. >> the republican party argues it is ready to deal. it is the president and democrats were not. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness...
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we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on the verge of getting at least 80%, maybe more, for at least 98% of the american people. that's a huge win. and once that revenue is off the table it's going to be very hard for democrats to ever put it back on the table. it actually forces them towards spending and entitlement reform in places they're historically uncomfortable. >> chris would you be more comfortable if we went back to those rates to consider a simpson-bowles overall tax reform? is that just gone? you know, the rate there was 28%. once you get back to 39% isn't it
we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on...
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> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or another we'll get through this. do i wish that things were more orderly in washington? and ration enamel? and people listened to the best arguments and compromised and operate in a more thoughtful and organized fashion? absolutely. when you look at history that's the exception rather than the norm. >> now here is your "first look" at politics. long lines in florida discouraged 49,000 people in voting. on "meet the press" tom brokaw says there's a simple explanation for what's wrong with our election and lawmakers sent to washington. >> the system is rigged. 75% of the congressmen come from gerry mandered districts in which they
> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or...
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reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >> one way or another, we'll get through this. do i wish that things were more orderly in washington and rat n rational and people listened to the best arguments and compromised and operated in a more thoughtful and organized fashion? absolutely. but when you look at history, that's -- that's been the exception rather than the norm. >> that was nbc's kristin welker reporting there. >>> now for a look at your new year's eve weather, here's nbc meteorologist bill karins. good morning you to. is it too early to say happy new year's? >> no. why not? >> happy new year's eve. happy new year's eve. >> let's go there. this is it. cold
reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >>...